BanKO grants first e-tricycle loan

CEBU, Philippines - BPI Globe BanKO, the first mobile-based, microfinance-focused savings bank in the country, ventured into a tripartite agreement with the local government of Malay, Aklan and Gerweiss Motors Corporation to grant the country’s first-ever electric tricycle (e-trike) loan to help local drivers and operators in Boracay to purchase their e-tricycles that will spur continued business growth in the island.

Operating e-tricycles is in compliance with the local government unit’s initiative to promote environmental sustainability in the island, as well as help promote and reinforce the green efforts in Boracay. 

The 10-seater e-trikes developed by Gerweiss Motors were given to the local drivers through BanKO’s e-trike loan.

“BanKO is committed to provide innovative banking products that foster corporate social responsibility and sustainable development. The e-trike loan program will help increase the local driver and operator's income and at the same time provide a cleaner and greener Boracay.  Through this program, we can support the local government of Malay, Aklan in making the island environmentally-sound and tourist-friendly. Eventually, we will expand these programs to other tourism areas, carrying the same objectives of financial inclusion and sustainable development,” said John Rubio, Head of BPI Globe BanKO.

“More of our tricycle operators will be able to own an e-trike with the help of BanKO. Because these vehicles are energy-efficient, their income will be higher, as it is more economical to power an e-trike than a petrol-fuelled tricycle, leading to a better quality of life. Hopefully, our program will become a model for others in the country to promote a safer, more productive community,” said Hon. John Yap, Mayor of Malay, Aklan.

The e-trike project is considered as the best solution to replace Boracay’s 536 fuel-powered tricycles with environment-friendly e-trikes in compliance with the local government’s vision of making Boracay as the first major tourist destination in the world to become an “e-trike island.” (FREEMAN)